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Types of Loans

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper.

Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.

Adjustable Rate Mortgages (ARMs)

These increasingly popular ARMs can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 adjustable rate loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Home Equity Lines of Credit and Loans

Thomaston Savings Bank can help you finance your goals through a home equity line of credit or loan. Whether you are starting a home improvement project, looking to finance ​ a vacation or anything else, you can access money from your home's existing value quickly and conveniently.

Construction and Land Loans

When your plans for a home involve building from a customized blueprint, Thomaston Savings Bank offers the home construction and land loans with competitive rates that are ideal for your special project. We'll help you find the financing option that works best for your financial situation.

We also offer Federal Housing Administration (FHA) and Connecticut Housing Finance Authority (CHFA) loans which offer many benefits, especially for first-time homebuyers.

Thomaston Savings Bank NMLS #407687
203 Main Street, Thomaston, CT  06787
Office:  (855) 344-1874
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